Gift Funds

Many buyers, especially first time home-owners utilize gift funds as a way to buy a home.

A parent, grandparent, wealthy uncle, or even a generous boss can all be sources of gift funds.

Gift funds can be used for various fees, closing costs, portions of your down payment, and sometimes the entire amount needed to get into a home.  However, there are some very important steps to take if you are receiving gift funds for the purchase of a house. Continue reading »

It’s all about line 37

The major determining factor that goes into obtaining a loan these days is your income.  In the past, banks were willing to lend to clients based on their credit score and assets, this is no longer the case.

The big problem many self employed individuals run into while applying for a loan, is the fact that their tax professional does everything legally possible to get their line 37 income on their Federal tax returns down to the lowest possible number… Continue reading »

Busy week ahead…

I have about $2.5 million in loan documents that need to get to escrow this week.

Several loans are refinances, but as always, purchases take priority.

Due to purchases having a more concrete timeline, and the fact that purchases are usually one of several inter-related transactions, it’s important to close these deals on time.

Unfortunately, into today’s underwriter climate, I’m finding it virtually impossible to close even purchase deals on time.

Frustrated today

My frustration today stems from an underwriting condition which is becoming more prevalent.

Underwriters are wanting to verify deposits over $500.00 that go into accounts that are used for down payment assets.

Unfortunately, as clients prepare to spend tens or hundreds of thousands of dollars on a down payment, it’s natural that they would want to transfer money around.

“Sourcing” all these deposits and transfers are an absolute pain for both the clients and myself.

Tracking Interest Rates on Your Own

Although your trusted lender should always be following interest rate trends, many clients like to track what interest rates are doing on their own time.

I get a lot of questions as to how clients can follow the leading indicators that affect the 30 year fixed interest rate.

Here is how… Continue reading »